https://www.taxtmi.com/caselaws?id=257101 Penalty under section 36(2)(c) of the Bombay Sales Tax Act depends on a rebuttable statutory presumption, but the Revenue still bears the burden of establishing concealment or furnishing of inaccurate particulars. Where the assessee produces books of account that are accepted and no suppression is shown, the presumption can be displaced on the facts, including evidence of financial distress or sick-unit status. Applying the scheme explained in Indoswe Engineers, penalty cannot be sustained unless gross or wilful neglect is established on the material on record. The Tribunal's deletion of penalty was therefore justified and was sustained in favour of the assessee. en-us Thu, 26 Feb 2015 00:00:00 +0530 Fri, 04 Mar 2016 17:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257101 Penalty under section 36(2)(c) of the Bombay Sales Tax Act depends on a rebuttable statutory presumption, but the Revenue still bears the burden of establishing concealment or furnishing of inaccurate particulars. Where the assessee produces books of account that are accepted and no suppression is shown, the presumption can be displaced on the facts, including evidence of financial distress or sick-unit status. Applying the scheme explained in Indoswe Engineers, penalty cannot be sustained unless gross or wilful neglect is established on the material on record. The Tribunal's deletion of penalty was therefore justified and was sustained in favour of the assessee. Case-Laws VAT and Sales Tax Thu, 26 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257101